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Action Insight: Market Overview  This section contains analysis reports produced by our inhouse analyst team. Reports are updated at least twice a day, covering major happenings in the markets as well as their impacts. Details on the technical analysis of specific currency pair will be found in the technical outlook section. This section will be continuously expanding. Check out this section often or we'd highly recommend you to subscribe to our newsletters to get alert of new reports in this section.
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Market Overview |
Written by ActionForex.com |
Feb 09 10 14:05 GMT |
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Euro's recovery extends further today as the common currency is lifted by speculation of a bailout package from EU for Greece. The speculation started when ECB President Trichet left Australia earlier than planned to attend a council meeting on Thursday. And it's speculated that a deal for Greece bailout would be closed during the meeting. Markets elsewhere are generally in consolidation mode with dollar continue to trade with a soft tone. Commodities are generally higher with crude oil and gold pressing 73 and 1180 respectively. The greenback will possibly continue to be soft for a while as markets digest recent sharp gains. |
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Market Overview |
Written by ActionForex.com |
Feb 09 10 05:38 GMT |
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Forex pairs are generally engaging in consolidations as markets digest recent moves. DOW closed below 10,000 psychological level at 9908 for the first time in three months but was kept above last week's low of 9835. Asian stocks are mixed which gold and crude oil are still in corrective recovery. There were talk in markets that ECB Trichet will leave central bank meetings in Australia a day earlier in order to attend ECB council meeting. That triggered some speculations that some policy measures directed to fiscal situations in Eurozone countries including Greece, Portugal and Spain would be discussed in the council meeting. Such speculations provided some support to Euro. |
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Market Overview |
Written by ActionForex.com |
Feb 08 10 14:36 GMT |
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Markets are generally in tight range today with dollar a bit softer. The pull back in dollar is so far mild while the recovery in crude oil and gold lack follow through buying. It looks as if risk aversion flows in the markets pull back from last week's climax and investors have calmed down a bit. Some more consolidations would possibly be seen in near term. But, sterling, which faces some pressure on political issues today, would probably gyrate lower even though other currencies stay in range. |
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Market Overview |
Written by ActionForex.com |
Feb 08 10 06:59 GMT |
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Dollar and yen are generally firm as the week starts on soft stocks and commodities. Nikkei closed below 10,000 level at 9983, down -0.73%, extending last week's sharp fall. Crude oil fails to stand above 72 level so far while gold also struggles to stay above 1070 level. On the other hand, dollar index is staying firm above 80 level for the moment. G7 met over the weekend and pledged to maintain stimulus measures. Jean-Claude Juncker, chairman of the group of eurozone finance ministers, though, said that situations of Greece, Portugal and Spain were discussed but they've expressed the issues will be solved "ourselves without the help of the IMF." The comments did no support to the current fragile market sentiments. |
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Market Overview |
Written by ActionForex.com |
Feb 06 10 18:04 GMT |
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Markets were pretty steady last week until concern of Greece deficit contagion across Europe intensified on Thursday and rocked financial markets around the world. Credit-default swaps on the debt of Greece, Spain and Portugal rose to record highs today amid concern that European governments will struggle to fund their deficits. There were even talks in the market that Greece's problem is a 'dressed rehearsal' for US and UK, which also have huge budget deficits. MSCI World index dropped 2.2% to 1095.4 while DOW breached 10,000 level twice before closing at 10,012.23. Dollar managed to ride on risk aversion with dollar index closed above 80 level and the Japanese was also broadly higher across the board. Nevertheless, DOW's refusal to give away 10,000 level and late Friday's pullback in risk aversion argues that flight-to-safety fund flow has possibly peaked in near term and we might see the markets stabilize a bit in near term. |
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Market Overview |
Written by ActionForex.com |
Feb 05 10 13:56 GMT |
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Dollar is steady in tight range after mixed non-farm payroll report. US job market contracted -20k in January versus expectation of 20k expansion. December's figure was also revised down from -85k to -150k. Unemployment rate dropped from 10.0% to 9.7%, which was the best number in five months. However, that was largely due to a sharp increase in the number of people giving up looking for work as number of 'discouraged job seekers' rose to 1.1 million in January from 734,000 a year ago. |
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Market Overview |
Written by ActionForex.com |
Feb 05 10 05:40 GMT |
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Dollar and yen were sharply higher on risk aversion as US stocks dropped sharply, with DOW breached 10,000 level briefly before closing down -2.61% at 10,002.18. Asian stocks follow and gapped lower with Nikkei down -2.59% to 10087.35. Dollar index broke 80 level as additional support by sharp fall in commodities. Swissy was sold off sharply on aggressive SNB intervention. Markets' focus will turn to non-farm payroll report today which should trigger another round of sharp volatility. |
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Market Overview |
Written by ActionForex.com |
Feb 04 10 13:47 GMT |
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Dollar remains firm in early US session as markets are shifting focus to budget woes of Eurozone. Yen also manages to rally against major currencies on weaker stocks and commodities. Euro weakens today on concern that Portugal, Spain and Eastern Europe governments will struggle to fund the budget deficits as their plans for deficit-reduction are "far less ambitious" than that of Greece. ECB left rates unchanged at 1.00% as widely expected. |
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Market Overview |
Written by ActionForex.com |
Feb 04 10 08:04 GMT |
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Euro and Sterling both weaken against dollar ahead of ECB and BoE rate decision today. Dollar index is back pressing this week's high of 79.53 and is set to resume recent rally. The ECB will most likely announce to keep the main-refinancing rate at 1% at the meeting Thursday. Although economic recovery remains on track, there have been signs showing that the growth is losing steam. Therefore, there's no urgent need for the central bank to unwind its policies other than the non- standard ones. On the other hand, BoE is also widely expected to leave rates unchanged as well as pause the asset purchase program. |
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Market Overview |
Written by ActionForex.com |
Feb 03 10 13:27 GMT |
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Dollar edged lower on broad based rally in global stocks and commodities earlier today but recovers in early US session after better than expected job market data. The ADP employment report showed -22k contraction in the private job sector of US, versus expectation of -40k and prior month's upwardly revised -61k. Challenger report showed planned layoff in January rose 59% from December, hitting a five month high. Nevertheless, as Challenger CE said, "The increase in January is not necessarily a sign of a recession relapse. It is not uncommon to see a surge in job-cut announcements to begin the year." Year over year, planned layoffs dropped -70.4%. |
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Market Overview |
Written by ActionForex.com |
Feb 03 10 06:17 GMT |
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Dollar continues to consolidate against major currencies as global stocks' recovery extends further. Crude oil's rebound is particularly impressive and it's now trading above 77.13, well above last week's low of 72.43 and is giving some pressure to the greenback. Gold is also trading above 1110 level for the moment after drawing strong support from 1075 level again last week. Nevertheless, the retreat in dollar and yen is so far mild in view of the heavy weight events in the latter part of the week including ECB, BoE and Non-Farm Payroll. Markets will get a preview of NFP from the private ADP employment report later today. |
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Market Overview |
Written by ActionForex.com |
Feb 02 10 13:40 GMT |
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Dollar continues to consolidate as global stocks recover. Sterling was lifted by better than construction PMI while Euro is lifted by stronger than expected PPI reading. Nevertheless, the retreat in dollar is so far mild. More apparent strength is seen in Canadian dollar which is supported by crude oil's rebound to above 75 level. Aussie was sold off earlier today as RBA unexpected left rates unchanged and remains soft in early US session. |
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Market Overview |
Written by ActionForex.com |
Feb 02 10 04:50 GMT |
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Australia dollar drops sharply today after RBA unexpectedly left rates unchanged at 3.75% while markets were generally expecting another 25bps hike. RBA noted that lenders in Australia has "generally raised rates a little more than the cash rate over recent months" and "loan rates have risen by close to a percentage point." The bank would seek to hold the cash rate steady for the moment to see the impact of these changes to the economy. Nevertheless, the bank maintained a tightening bias that "if economic conditions evolve broadly as expected, the Board considers it likely that monetary policy will, over time, need to be adjusted further in order to ensure that inflation remains consistent with the target over the medium term." |
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Market Overview |
Written by ActionForex.com |
Feb 01 10 15:09 GMT |
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Risk aversion recedes in early US session, supported by solid data from US and dollar and yen are mildly lower. ISM Manufacturing index rose much more than expected to 58.4 in January. Consumer spending rose for the third straight month in December, by 0.2%, but fell short of expectation of 0.3%. Personal income, though, rose more than expected by 0.4%. Headline PCE jumped from 1.5% yoy to 2.1% yoy. Fed's preferred gauge of inflation, core PCE, rose slightly from 1.4% yoy to 1.5% yoy. Construction spending dropped -1.2% mom in DEcember. US President Obama will propose a $4.84T budget today to fight against high unemployment while freezing spending of a wide swath of government programs. The deficit for 2010 would soar to record-breaking $1.56T comparing to last year's $1.41T. |
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Market Overview |
Written by ActionForex.com |
Feb 01 10 05:59 GMT |
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Dollar and yen strengthen as the week starts on risk aversion as Asian stocks are broadly lower following Friday's late selloff in US equities. There were also some concerns on more tightening from China after release of PMI manufacturing data. The official PMI manufacturing index in China dropped slightly to 55.8 but remains well above 50 level. meanwhile, the HSBC manufacturing PMI rose to a record high of 57.4. Nevertheless, dollar and yen pare some gains as the day goes as stocks recover. |
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Market Overview |
Written by ActionForex.com |
Jan 31 10 11:42 GMT |
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January turned out to be a month dominated by risk aversion as we've seen broad based selloff in yen crosses. Euro was hardest hit on concern in Greece's fiscal heath, with EUR/JPY down -6.45%. New Zealand dollar was secondly worst performer after disappointment inflation data and was down -6.39% in January. Even the relatively resistance AUD/JPY, which was supported by strong data from Australia, was down -4.61%. A couple of factors, including sovereign rating concerns in some countries in Eurozone, more tightening measures from China and US Obama's bank plans would continue to weigh on market sentiments going forward. |
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Market Overview |
Written by ActionForex.com |
Jan 29 10 14:09 GMT |
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The U.S. economy recovered at a quicker pace than most economists expected in the last quarter of 2009, U.S. gross domestic product surged a seasonally adjusted 5.7% annual rate at Q4 of 2009, well above market consensus of 4.5%-4.8% and it is the largest quarterly growth since the third quarter of 2003 at 6.9%, GDP figure has gone up two consecutive quarters rising 2.2%(revised) in Q3 and now 5.7% in Q4 after a year long contraction since Q3 of 2008, this report from the Commerce Department indicated that the GDP of the entire year of 2009 ended with a 2.4% fall. |
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Market Overview |
Written by ActionForex.com |
Jan 29 10 06:47 GMT |
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Euro weakens further against dollar and yen today as concern on Greece intensified. Germany and France denied a report of an imminent EU bailout of Greece and sent Greece CDS up to 414 record 414 level which was the same as Dubai's CDS when it got a $10b bailout in December. The yield on 10-year Greek bonds rose to 7.15 percent yesterday, the highest level since October 1999 and up from 4.99 percent on Nov. 30. Euro is also additionally pressured as Portugal reported higher than expected budget deficit of 9.3% of GDP is 2009, even though it's still better than Greece's budget deficit of 13% of GDP. Sterling is also soft after S&P said they "no longer classify the United Kingdom (AAA/Negative/A-1+) among the most stable and low-risk banking systems globally," Asian stocks are also broadly down, following weakness in US equities, and saw Nikkei down more than -2% to 10198 level. Yen maintains overnight strength in Asian today while commodity currencies are soft. Dollar continues to remain firm in general after Bernanke was confirmed for a second term as Fed Chairman by the Senate on 70-30 vote. |
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Market Overview |
Written by ActionForex.com |
Jan 28 10 13:51 GMT |
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After being pressured for most of the day on rebound in Asian and European stocks, the Japanese yen is trying to fight back in early US session after jobless claims and headline durable goods orders from US disappoint the markets. Dollar remains steady in range against European majors and retreats against commodity currencies. Euro got little support from generally positive confidence indicators released today and remains soft. Meanwhile, Sterling continues to benefit from selling in EUR/GBP and rebounds against dollar and yen. |
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Market Overview |
Written by ActionForex.com |
Jan 28 10 06:23 GMT |
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Yen is broadly lower in Asian today as stocks are lifted by US President Obama's first State of the Union address. Obama pledged to put job creation as the "number one" focus in 2010 and called for a new job bill. Obama also called for an extension of tax incentives of USD 38b over this yearand proposed to use $30b of money paid back from TARP to assist community banks that give loans to small businesses. Nikkei rebounded by jumping 1.68% to close at 10424. Aussie and Kiwi are the better performers on risk appetite. |
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